Johnson County’s financial adviser, Hilltop Securities, updated the Commissioners Court on April 28 about the county’s transportation bond program and the planned financing timeline.

Jorge with Hilltop summarized the plan: the program will be sold in at least two phases, with the first phase financing roughly $31.7 million in projects identified for spending within three years. The county plans to use a negotiated sale with BOK Financial Securities as lead underwriting manager and Stevens as co-manager. Hilltop said the team is targeting investor-grade ratings, a May 27 pricing date, and a June 24 closing so proceeds can fund the planned projects.

Why it matters: The bonds will finance the county’s major thoroughfare and road improvements under the bond program. Hilltop said the plan is to keep the tax-rate impact at no more than 1 cent as promised to voters, though rates are market-sensitive. The adviser recommended budgeting a 25-basis-point cushion in interest-rate assumptions; that would keep the projected rates within the range used in February’s budgeting work.

Details presented: Hilltop said a typical 10-year call provision will be included and explained options for earlier calls if the market supports it. The adviser explained the purpose of a 3-year spend window (IRS tax-exempt guidelines) and said staff expect strong market reception given the county’s credit profile. No bond sale was authorized at the meeting; Hilltop asked for county direction to proceed to an official sale on May 27.